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They are largely interchangeable.
They mean the same thing when describing location, but "около" can also mean "near/nearly/about" in the sense of "approximately": Сейчас около двух - It's about two o'clock now.
"Возле" is not used in this sense.

"Stand by your man" is the name of a famous song (Tammy Wynette?). "Stand by me" is another one. It isn't just regional. "They stood by me when the going got rough" or "They stood by when the game got rough" are common comments. "They stood by and idly watched as the bully stomped the bystander" would be a legit comment.